If you become unable to make the mortgage payments on your Ohio home, you may think that foreclosure is the only option. You may worry about losing your home and earning negative feedback on your credit history. However, you may be able to avoid foreclosure. There are several potential solutions that may help you stay in your home and/or avoid credit problems.
According to FindLaw, it is essential to start looking for a solution to your mortgage issue as soon as possible. If you wait too long or miss too many payments, you may become ineligible for some types of assistance. You may want to start by speaking with a foreclosure prevention counselor. A counselor may encourage you to contact your lender directly or to apply for a government assistance program. Either of these options may allow you to refinance or modify your loan.
You should be able to find a counselor through a nonprofit housing and credit counseling agency. It is important to look for an agency with HUD approval. Counseling services that require a fee for assistance may be fraudulent.
Another option is to contact your lender directly. You may be able to negotiate an agreement with your lender to prevent foreclosure. Some potential options may include refinancing or modifying the original terms of the loan. You may also qualify for a forbearance plan. In this case, the lender may reduce or suspend your mortgage payments for a certain time period. Usually, you must make up the missed payments in the future. Selling your home or turning over the deed to your lender are other possible ways to prevent foreclosure.
This information is intended for educational purposes only and should not be interpreted as legal advice.